LUNA is failing (again)
GM, we take the latest Web3 news and translate it into plain old English - so you can stay up to date, without your eyes glazing over.
In today’s edition:
Blockchain as a tool of war
The devil wears (Prada) NFTs
RESOURCE: What is a Blockchain? (Learn in 8:30)
LUNA is failing (again)
Terms used (click for translation):
Blockchain, Web3, NFTs, Algorithmic Stablecoin, Ticker Symbol.
Blockchain as a tool of war
Some results sound great on paper, until you learn what caused them.
Getting ice cream...
to cheer yourself up after a funeral.Getting double Christmas presents...
because everyone forgot your birthday.Winning first place in the 200m sprint...
because the entire track team was out sick with gastro.
We might be about to see a $1.48 trillion dollar economy welcome blockchain technology and breath new life into the struggling crypto market.
...that economy; is the Russian economy.
In an attempt to circumvent the Western sanctions that have banned them from the global banking system and hit their financial system like a ton of bricks, Russia's commerce minister, Denis Manturov, is looking to legalize crypto:
“Sooner rather than later.”
So what does this mean for the space, if it goes ahead?
Our crystal ball is out of batteries at the moment, but if we had to guess:
In the short term
A PR hit for blockchain technology in the West, and a potential market boost as a result of increased trading volume.
In the long term
The discussion between law makers around the world will continue...
'Do we outright ban this technology in the hopes that everyone else follows suit?
Or do we embrace it, with the aim of controlling/guiding it, as global leaders in the space?'
At the end of the day, the reality is that a large majority of blockchain technologies list their transactions publicly.
So even if Russia's funds are unfrozen by crypto - transactions will be transparent and trade sanctions will still be enforceable.
Meaning crypto (as a whole) probably isn't under much threat.
But privacy coins, that allow users to hide their transactions, may well be.
The devil wears (Prada) NFTs
Emily In Paris is an objectively bad show, but we all watched it.
(It's ok to admit it).
Why? Because everyone was talking about it and no one likes feeling left out.
It seems Prada may have found themselves in a similar situation, as they sat around the proverbial dinner table with Gucci, Louis Vuitton, D&G and Bulgari.
Prada is set to join their peers in the world of Web3, with the release of 100 Ethereum NFTs, to go along with the launch of their latest apparel release titled, ‘Timecapsule’.
The physical apparel designs and NFTs have been created in collaboration with Cassius Hirst (great name, very 'Bond Villain').
Each NFT will include a unique number associated with a physical shirt.
Here's why we think this is cool:
Prada’s NFTs won’t force buyers to choose between a digital or physical asset - they’ll get both.
This is important for 2 main reasons:
Buyers essentially have double the opportunity for the value of their purchase to go up. Both the physical and the digital assets may increase over time.
For Prada, sales of this drop are tracked on the blockchain. No more getting scammed on eBay for something sold as ‘authentic’ which is really just a knockoff.
Prada’s combo of physical and digital is one more step in ‘the great adoption’ of blockchain technology within the fashion industry.
We love to see it.
Resource of the day
What is a Blockchain?
(Learn in 8:30)
LUNA is failing (again)
If the brakes on every Ford in existence, all failed in unison, it'd be safe to say no one would be buying Fords anymore.
No amount of rebranding would be able to fix that level of public distrust.
In the crypto world, the latest 'brake failure' comes from Terra Luna, which resulted in the crash of their algorithmic stablecoin 'UST'.
The only difference is - they're not calling it a day.
From the ashes of their own dumpster fire, Terra Luna are trying to rebrand, by splitting the project in two.
The original token has been rebranded as 'Terra Luna Classic' (ticker symbol LUNC), while the new version will be known as 'Terra Luna 2.0' (ticker symbol LUNA).
(With anyone who still owned Luna Classic as of May 27, getting free Luna 2.0 tokens dropped into their account).
So, what's the plan from here?
Well, for starters, Luna Classic is still tradable, but it's essentially being put out to pasture.
No development, no future plans - it's just...there.
The focus in development will be on Luna 2.0, which'll no longer be owned by Terra Form Labs, but instead by the community.
Which sounds great!
Only question is: will the community still back the 'new' Luna, after being burned by its predecessor?
If we were to look to Luna 2.0's current token price for the answer - it would be a resounding 'no'...
The new token has already lost 50% of its value since re-launching last week.
Yikes.
Your Daily Dose of Web3
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︎ Nike’s RTFKT buys ‘DotSwoosh’ Ethereum domain name for $35K
Alright, that’s it for today!
Love to the family,